{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Europe UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Total Return Net Europe index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "European developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI Total Return Net Europe index by purchasing all or a substantial number of the underlying securities, as confirmed in the KIID and factsheet. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for risk management purposes, which does not trigger complexity classification. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap European equities, which are liquid and transparent. The risk profile is medium to high (category 6 in KIID, 4 in PRIIPs), reflecting market volatility rather than structural complexity. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. Securities lending is minimal and revenue sharing is disclosed but does not increase costs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps. Overall, the ETF is a standard physical equity index tracker with minimal derivative use for risk management, no leverage, and no complex underlying assets or capital protection features. Therefore, it is classified as non-complex under MiFID II."
}